Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.</li>
<li>Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.</li>
<li>Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.</li>
</ul>


OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.
Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.
Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.


This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul>
<li>KKR has received a substantial $1 billion investment from Samsung to enhance its Helix AI infrastructure strategy.</li>
<li>Goodman has decided to cancel a $560 million data center project in Sydney after gaining approval for a nearby development.</li>
<li>Rava's Dash Living has successfully acquired a Shinjuku apartment tower for $241 million amid various market changes.</li>
</ul>


KKR has received a substantial $1 billion investment from Samsung to enhance its Helix AI infrastructure strategy.
Goodman has decided to cancel a $560 million data center project in Sydney after gaining approval for a nearby development.
Rava's Dash Living has successfully acquired a Shinjuku apartment tower for $241 million amid various market changes.


Asia Real Estate Tracker (30-Sep-2026): KKR secures $1B for Helix AI infrastructure.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Bloomberg <a href="https://news.bloomberglaw.com/mergers-and-acquisitions/esr-bidders-said-to-weigh-bringing-in-more-investors-for-buyout" target="_blank" rel="noopener">reports</a> that the bidding consortium is in talks to bring in other partners, such as QIA, PIF, and CPP Investment Board, to aid in privatising <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>.</li>
<li>Warburg Pincus and OMERS have blocking stakes for a Cayman scheme. Warburg Pincus is seemingly supportive, and the consortium’s expansion talks suggest confidence in meeting OMERS’ price expectations.</li>
<li>Our best guess is that an offer is around HK$14.00. ESR’s current valuation is undemanding, with its forward EV/EBITDA multiple at a 40% discount compared to the median peers’ multiple.</li>
</ul>


Bloomberg reports that the bidding consortium is in talks to bring in other partners, such as QIA, PIF, and CPP Investment Board, to aid in privatising ESR Group (1821 HK).
Warburg Pincus and OMERS have blocking stakes for a Cayman scheme. Warburg Pincus is seemingly supportive, and the consortium’s expansion talks suggest confidence in meeting OMERS’ price expectations.
Our best guess is that an offer is around HK$14.00. ESR’s current valuation is undemanding, with its forward EV/EBITDA multiple at a 40% discount compared to the median peers’ multiple.


ESR Group (1821 HK): Consortium’s Expansion Talks Suggest Progress

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Power Bank Hegemony: Goodman's secured 3.6 gigawatts of power capacity bypasses global grid bottlenecks, positioning it as the ultimate gatekeeper for hyperscaler AI deployment.</li>
<li>High-Yield Pipeline: Data centers command 73% of a scaling AUD 14.5 billion pipeline, driving superior development margins with an 8.0% yield on cost.</li>
<li>Fortress Capitalization: A conservative 4.1% statutory gearing and AUD 5.2 billion in liquidity provide unmatched balance sheet capacity to fund multi-year digital infrastructure megaprojects.</li>
</ul>


Power Bank Hegemony: Goodman's secured 3.6 gigawatts of power capacity bypasses global grid bottlenecks, positioning it as the ultimate gatekeeper for hyperscaler AI deployment.
High-Yield Pipeline: Data centers command 73% of a scaling AUD 14.5 billion pipeline, driving superior development margins with an 8.0% yield on cost.
Fortress Capitalization: A conservative 4.1% statutory gearing and AUD 5.2 billion in liquidity provide unmatched balance sheet capacity to fund multi-year digital infrastructure megaprojects.


The 6.4 GW Sovereign of Silicon: GMG the Ultimate Structural Tollbooth for Global AI Infra

<ul>
<li>Hyperscale outbidding: Data centre developers are paying up to 182.1% industrial land premiums, breaking traditional logistics feasibility and creating a peak-valuation capital recycling opportunity for incumbent landlords.</li>
<li>Grid exhaustion: Australia's 16.2 GW data centre pipeline faces severe grid constraints by 2029, forcing a structural pivot toward regional Renewable Energy Zones and private transmission infrastructure.</li>
<li>Strategic trades: Go long Goodman Group and NextDC for moat-protected yields and land-banking arbitrage, while shorting unhedged secondary logistics developers exposed to margin erosion and stranded pipelines.</li>
</ul>


Hyperscale outbidding: Data centre developers are paying up to 182.1% industrial land premiums, breaking traditional logistics feasibility and creating a peak-valuation capital recycling opportunity for incumbent landlords.
Grid exhaustion: Australia's 16.2 GW data centre pipeline faces severe grid constraints by 2029, forcing a structural pivot toward regional Renewable Energy Zones and private transmission infrastructure.
Strategic trades: Go long Goodman Group and NextDC for moat-protected yields and land-banking arbitrage, while shorting unhedged secondary logistics developers exposed to margin erosion and stranded pipelines.


The 155bn AUD Digital Land Grab: Arbitraging Australia's Gridlock

Australia

Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.

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Goodman Group (GMG AU)

This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

This week in AI: OpenAI scrapped GPT-6.1 Astra and shipped Sol, Anthropic released Sonnet 5.5 at half Opus's price, and Google launched Gemini 4...

Ke Yan, CFA, FRM

Asia Real Estate Tracker (30-Sep-2026): KKR secures $1B for Helix AI infrastructure.

KKR received a $1B commitment from Samsung for Helix AI, Goodman canceled a $560M Sydney project, CDL targets $7.8B in fund management, and Rava's...

Asia Real Estate Tracker

ESR Group (1821 HK): Consortium’s Expansion Talks Suggest Progress

The probability of an offer remains high, and the latest Bloomberg reports suggest progress towards a binding proposal. Our best guess is that an...

Arun George

The 6.4 GW Sovereign of Silicon: GMG the Ultimate Structural Tollbooth for Global AI Infra

GMG has transitioned from a traditional industrial REIT into a preeminent global digital infra platform. GMG is the most liquid, secured exposure...

Jacob Cheng

The 155bn AUD Digital Land Grab: Arbitraging Australia's Gridlock

Data centre developers are paying up to 182.1% industrial land premiums, breaking traditional logistics feasibility and creating a peak-valuation...

Jacob Cheng

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